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Facebook co-founder renounces citizenship ahead of IPO

Discussion in 'News & Current Events' started by mandym, May 11, 2012.

  1. mandym

    mandym New Member

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    Read more: http://www.foxnews.com/scitech/2012...unces-citizenship-ahead-of-ipo/#ixzz1ubTZs4n9
     
  2. mont974x4

    mont974x4 New Member

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    My understanding is that America is the second in a dual citizenship status for him, and he lives in another country.

    If I were him, I would do the same thing.
     
  3. LadyEagle

    LadyEagle <b>Moderator</b> <img src =/israel.gif>

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    Me, too. Especially when he keeps hearing about raising taxes on the rich....blah, blah, blah.
     
  4. billwald

    billwald New Member

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    He will still be able to buy congress through his company.
     
  5. Squire Robertsson

    Squire Robertsson Administrator
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    IIRC, he's Brazilian by birth and naturalized American. The crux of the problem is under US tax laws, a US citizen's income tax is levied on his total world income no matter his\her place of residency or place of income. IOW, I'm working for a firm in a foreign country and have been for the last ten years. I'm not paid in the local currency not US dollars. I pay all of the required taxes of my place of residency. The US Tax Code still requires me to file a 1040, even though not one red sou\pence\kopek\pfennig\ect. was earned on US soil.
     
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